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Downtown London could soon be saddled with a big vacancy now that a deal to buy the landmark Kingsmill’s department store has fallen through.

The Pillar Non-Profit Network in November said it had put in a conditional offer for the 73,000-sq.-ft. building, which it planned to renovate as its office space in partnership with other community and arts agencies.

But Pillar executive director Michelle Baldwin said an inspection carried out over the last three months showed the building needed more renovations than expected pushing the project past the estimated $6.3 million cost to buy and upgrade it.

“It was not viable for our business model and project,” she said Tuesday.

“It’s an exceptional building, It’s just not the right one for us.”

Pillar also looked for a investment partner to occupy the retail space on the main floor, but ran out of time.

Baldwin said Pillar, which provides support and professional development to non-profit organizations and charities, hasn’t abandoned its shared space concept and will continue to look for other potential space.

Pillar had planned to share the upper floors with Emerging Leaders, the London Arts Council and the London Heritage Council.

The building went up for sale last September with the pending retirement of Tim Kingsmill, the fifth generation of his family to operate the store, which opened in 1865. Kingsmill said he plans to close the store at the end of July. He could not be reached for comment Tuesday.

Janette MacDonald, manager of Downtown London said it’s “unfortunate” Pillar’s plan to buy Kingsmill’s had fallen through but she’s confident the building won’t stand empty.

“It’s a very desirable building. There’s certain things I know that I can’t speak about. That’s why I’m not alarmed,” said McDonald.

ABOUT KINGSMILL’S

— One of Canada’s oldest family-owned and operated department stores.

— Opened in 1865 by Irish immigrant Thomas Frazer Kingsmill as a dry-goods store.

— Built in 1932, existing building has original tin ceilings and hardwood floors.